Fair market value (definition)
| The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller. | ||
| State Law | ||
| Alaska | ||
| means the price at which a willing seller and a willing buyer will trade Alaska Statutes 38.04.910 | ||
| Arizona | ||
| means the most likely price estimated in terms of money which the land would bring if exposed for sale in the open market, with reasonable time allowed in which to find a purchaser, buying with knowledge of all the uses and purposes to which it is adapted and for which it is capable Arizona Laws 12-1136 | ||
| California | ||
| means “full cash value” or “fair market value” as defined in Section 110 California Revenue and Taxation Code 194, California Revenue and Taxation Code 197 | ||
| means the estimated fair market value of goods, services, facilities or anything of value other than money California Government Code 82025.5 | ||
| means the most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus California Health and Safety Code 35805 | ||
| shall mean fair market value as of the date the offer of sale is made by the selling agency pursuant to the provisions of this article and shall reflect the existing “as is” condition of the property, taking into account any repairs required to make the property safe and habitable California Government Code 54236 | ||
| Florida | ||
| means the fair market value of assets held by a trust as of a specific date, assuming all assets of the trust are sold on that specific date Florida Statutes 497.005 | ||
| means the value in arms length transactions, consistent with the price that an asset would bring as the result of bona fide bargaining between well-informed buyers and sellers who are not otherwise in a position to generate business for the other party, or the compensation that would be included in a service agreement as the result of bona fide bargaining between well-informed parties to the agreement who are not otherwise in a position to generate business for the other party, on the date of acquisition of the asset or at the time of the service agreement Florida Statutes 400.462 | ||
| Hawaii | ||
| means that amount of money that a purchaser willing, but not obliged, to buy an interest in land would pay an owner willing, but not obliged, to sell it, taking into consideration all uses to which the land is adapted or might in reason be applied Hawaii Revised Statutes 516-1 | ||
| Indiana | ||
| means :
Indiana Code 9-22-3-2 |
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| Louisiana | ||
| means the value of the lands or improvements actually taken, used, damaged, or destroyed for levees or levee drainage purposes as determined in accordance with the uniform criteria for determining fair market value as defined in Louisiana Revised Statutes 38:281 | ||
| Maine | ||
| means the value of an organization or an affiliate or the value of the assets of such an entity determined as if the entity had voting stock outstanding and 100% of its stock were freely transferrable and available for purchase without restrictions Maine Revised Statutes Title 24 Sec. 2301 | ||
| Michigan | ||
| means the price based upon the unique historical and physical properties, including, but not limited to, species, growth rates, volume, and condition of the submerged logs as calculated at dockside following delivery to shore Michigan Laws 324.32601 | ||
| means the value of the property as determined by the current issue of a nationally recognized used vessel guide at the time of the notice to the property owner and any lienholder under section 5(5)(a) Michigan Laws 570.372 | ||
| Minnesota | ||
| means the price that an item of a particular make, model, size, material, or condition would sell for on the open market in the particular geographic area Minnesota Statutes 256J.08 | ||
| Missouri | ||
| means the retail value of a motor vehicle as: | ||
| Montana | ||
| means the fair market value as of the date of the transaction or proposed transaction as determined by an independent appraisal of the assets or operations performed and communicated by a qualified appraiser according to applicable professional appraisal standards Montana Code 50-4-701 | ||
| New York | ||
| shall mean the value in arms length transactions, consistent with the general market value, and, with respect to rentals or leases, the value of rental property for general commercial purposes, not taking into account its intended use, and, in the case of a lease of space, not adjusted to reflect the additional value the prospective lessee or lessor would attribute to the proximity or convenience to the lessor where the lessor is a potential source of patient referrals to the lessee N.Y. Public Health Law 238 | ||
| North Carolina | ||
| means the value of the rental property for commercial purposes not adjusted to reflect the additional value that one party (either the prospective lessee or lessor) would attribute to the property as a result of its proximity or convenience to sources of referrals or business North Carolina General Statutes 90-405 | ||
| Rhode Island | ||
| means the usual and normal charge for goods and services as determined by the marketplace from which they ordinarily would have been purchased at a usual and normal charge in an arms length transaction Rhode Island General Laws 17-25-3 | ||
| South Carolina | ||
| means the value based on the average market price being paid to grain dealers by grain processors on a specified date South Carolina Code 46-40-20 | ||
| means the value based on the average market price being paid to producers on a specified date by the three licensed grain or cotton dealers nearest the grain or cotton dealer involved in the loss South Carolina Code 46-41-210 | ||
| means value in arms length transactions, consistent with the general market value, and, with respect to rentals or leases, the value of rental property for general commercial purposes, not taking into account its intended use, and in the case of a lease of space, not adjusted to reflect the additional value the prospective lessee or lessor would attribute to the proximity or convenience to the lessor where the lessor is a potential source of patient referrals to the lessee South Carolina Code 44-113-20 | ||
| Utah | ||
| means the amount at which property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or sell and both having reasonable knowledge of the relevant facts Utah Code 59-2-102 | ||
| Vermont | ||
| means the price the leased property would be sold for in a transaction between willing and informed parties in an arms-length transaction | ||
| Virginia | ||
| means the price that a good or service would bring between a willing seller and a willing buyer in the open market after negotiations Virginia Code 2.2-419 | ||
| means the price that property will bring when (i) offered for sale by one who desires, but who is not obligated, to sell it; (ii) bought by one who is under no necessity of having it; and (iii) sufficient time has elapsed to allow interested buyers the opportunity to become informed of the offer for sale Virginia Code 38.2-1401 | ||